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Does Asset Ownership Always Motivate Managers? Outside Options and the Property Rights Theory of the Firm
de Meza, David; Lockwood, Ben - 2009
This paper studies the Grossman-Hart-Moore (GHM) "property rights" approach to the theory of the firm under alternating-owners bargaining. When managers can pursue other occupations whilst negotiating over the division of the gains from cooperation, the GHM results obtain. If taking the best...
Persistent link: https://www.econbiz.de/10014073635
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Asymmetric spiders : supplier heterogeneity and the organization of firms
Nowak, Verena Nina; Schwarz, Christian; Südekum, Jens - 2014
We consider a property rights model of a firm with two heterogeneous suppliers. The headquarters determine the firm's organizational structure, and we analyze which sourcing mode (outsourcing or vertical integration) is chosen for which of the asymmetric inputs. If suppliers' investment choices...
Persistent link: https://www.econbiz.de/10010345275
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The new institutional economics - main theories
Obińska-Wajda, Emilia - In: E-Finanse : finansowy kwartalnik internetowy 12 (2016) 1, pp. 78-85
The aim of this arti cle is to show that the New Insti tuti onal Economics is an interdisciplinary stream combining … economics, law, organizati on theory, politi cal sciences, sociology, and anthropology. The main theories which are part of the … New Insti tuti onal Economics are: Agency Theory, Property Rights Theory and Transaction Costs Theory. The basic …
Persistent link: https://www.econbiz.de/10011539833
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Endogenous Property Rights and the Nature of the Firm
Guerriero, Carmine; Pignataro, Giuseppe - 2021
While focusing on residual control rights, the property rights theory of the firm overlooks that the legal protection of each party's input shapes its ex post bargaining power. By assuming that the property rights on the inputs are selected by a---possibly---benevolent legislator to maximize...
Persistent link: https://www.econbiz.de/10013240257
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Moral Hazard and the Property Rights Approach to the Theory of the Firm
Schmitz, Patrick W. - 2020
-contractible investments have been sunk). In contrast, in transaction cost economics ex-post frictions play a central role. In this note, we … bring the property rights theory closer to transaction cost economics by allowing for ex-post moral hazard. As a consequence …
Persistent link: https://www.econbiz.de/10012845008
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On the Foundations of the Property Rights Theory of the Firm : Cooperative Investments and Message-Dependent Contracts
Roider, Andreas - 2003
The property-rights theory assumes that trade is non-contractible ex-ante and focusses exclusively on the allocation of property-rights. We derive foundations for this focus on property-rights by identifying scenarios where only one of the simple ownership structures is optimal even though trade...
Persistent link: https://www.econbiz.de/10014106346
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Entrepreneurship in the Theory of the Firm
Auerswald, Philip E. - 2009
This paper develops microeconomic foundations for a theory of entrepreneurship and growth, focusing on innovation and opportunity as intermediate linkages between the two. Expanding upon points of tangency between Schumpeter and Coase, the paper argues that transactions costs are the glue that...
Persistent link: https://www.econbiz.de/10014204591
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Looking for a Theory of the Firm : Future Challenges
Garrouste, Pierre; Saussier, Stéphane - 2005
In this paper we present the main developments of the theories of the firm rooted in Coase's [Coase, R.H., 1937. The nature of the firm. Economica, New Series 4, 386-405] seminal article.We show that the two important topics of the nature and boundaries of the firm, as well as the internal...
Persistent link: https://www.econbiz.de/10014061758
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Information Revelation in the Property Right Theory of the Firms
Su, Alice Peng-Ju - 2017
I incorporate revelation of asymmetric information through shared ownership (partnership) into the Property Right Theory of the firms. Shared ownership is optimal as a joint result of mitigating hold-up and inducing truthful information revelation. Due to the incomplete contracting nature,...
Persistent link: https://www.econbiz.de/10012960419
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Asymmetric Information and the Property Rights Approach to the Theory of the Firm
Schmitz, Patrick W. - 2019
In the Grossman-Hart-Moore property rights approach to the theory of the firm, it is usually assumed that information is symmetric. Ownership matters for investment incentives, provided that investments are partly relationship-specific. We study the case of completely relationship-specific...
Persistent link: https://www.econbiz.de/10012891754